President Basescu: S&P, unfair to Romania


President Traian Basescu said he was “outraged” that the credit-rating agency Standard & Poor’s still maintains Romania in the “junk” category, meaning a country not recommended for investments, saying this agency is “extremely unfair” to Romania.
“There are three acknowledged rating agencies in the world, two of them, Moody’s and Fitch, granted the investment grade to Romania for a long time and Moody’s has not even withdrawn it during the crisis,” said Traian Basescu on Saturday during a speech held at Arad at a debate held by the Popular Movement Foundation, saying this rating agency, Standard & Poor’s, even today when Romania has a deficit under 3 per cent and an economic growth of 3.5 per cent last year, “dares to maintain Romania at the junk category, not recommended to investments,” said the Head of State.
“We have not been included in the category of states that prolonged their crisis to this moment since 2008, we can see Greece and Portugal, Spain and Ireland barely reached half the way and they are asking for credit rollovers so that they can continue their growth,” added Basescu. On other topic, he recommended the investors in western Romania who encountered problems in finding workforce to target those areas of Romania with a high unemployment, saying the Romanians were educated not to leave their homes and they cannot afford to pay rent in other city, asking thus to a question launched by the Leoni company representative who said the company has been in Romania for 15 years and started with 300 employees, and they have 5,000 at the moment, but that they cannot find enough people in Arad due to the low unemployment.

Leave a Reply